Note 21 – Subsequent Events

In the first quarter of 2020, the negative effect of the novel coronavirus (“COVID-19”) on the Company’s business is significant. The Company experienced an initial decline in restaurant revenue that began in early March 2020 as business travel decreased. Public anxiety about the spread of COVID-19 has since increased. On March 11, 2020, the World Health Organization declared COVID-19 a pandemic disease, and on March 13, 2020, President Trump declared a state of emergency concerning COVID-19. Other government agencies have since recommended that people not visit restaurants or bars. In some jurisdictions in the U.S., people have been instructed to shelter in place to reduce the spread of COVID-19. In response to these conditions, and out of concern for our customers and partners, the Company has temporarily closed several restaurants and the Company has shifted operations at others to provide only take-out and delivery service. The Company expects that it will not be able to return to normal operations for weeks or months, and the Company expects that its results of operations to be materially and negatively affected by these actions in the first and second quarters of 2020. The Company’s resumption of normal operations is subject to events beyond its control, including the effectiveness of governmental efforts to halt the spread of COVID-19.